June 25, 2024
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By David Bamidele

The National Insurance Commission (NAICOM) and the Revenue Mobilisation Allocation and Fiscal Commission (RMFC) have revealed plans to promote the economic diversification drive of the government in the country.

The assurance was made during a courtesy visit by RMFC to the NAICOM office in Abuja, to see how they can support the Federal Government initiative on the economic development of the country.

Speaking at the meeting, the Commissioner for Insurance, Ayo Omosehin, stressed the critical role of the insurance sector regulator in supervising, regulating, and safeguarding the interests of insurance policyholders.

He said insurance plays a key role in mobilising savings for long-term developmental projects and enabling businesses to thrive while managing risks effectively.

He also noted the commission’s commitment to ensuring insurance companies meet their obligations, thus contributing to the sustainability of the economy.

Omosehin also acknowledged the federal government’s target of growing the Nigerian economy to One Trillion United States Dollars ($1 trillion) by 2026.

He expressed the insurance sector’s intent to significantly contribute to the objective. Additionally, he mentioned ongoing efforts to embed insurance within the National Credit Scheme to ensure its sustainability.

Responding, Engr. Sani Mohammed Baba emphasised the importance of revenue generation, institutional expansion, and employment creation for Nigerians through collaborative efforts.

 

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